ConocoPhillips, which abandoned Venezuela after its assets were nationalized in 2007, is now open to a deal to sell the country’s oil in the U.S. as a way to...
ConocoPhillips, which abandoned Venezuela after its assets were nationalized in 2007, is now open to a deal to sell the country’s oil in the U.S. as a way to recover the close to $10 billion it is owed by Venezuela, according to people familiar with discussions between the company and Venezuela representatives.
In what are preliminary talks between ConocoPhillips COP and national oil company Petróleos de Venezuela SA, the two sides are looking at a proposal that could allow the Houston-based company to load, transport and... ConocoPhillips, which abandoned Venezuela after its assets were nationalized in 2007, is now open to a deal to sell the country’s oil in the U.S.
In what are preliminary talks between ConocoPhillips COP and national oil company Petróleos de Venezuela SA, the two sides are looking at a proposal that could allow the Houston-based company to load, transport and sell Venezuela’s oil in the U.S. on behalf of PdVSA, as the state oil company is known. This would give ConocoPhillips a chance to recover the money it lost in the country and help the U.S. meet its energy needs, the people said.
The arrangement would help Venezuela end the commercial isolation that was caused by U.S. sanctions leveled against the oil industry in 2019, and further open the U.S. market to its crude. The U.S. had historically been Venezuela’s largest oil market until the sanctions, with several big Gulf Coast refineries designed to run its heavy crude. But a sharp yearslong fall in Venezuelan production curbed supply. Then sanctions, imposed by the U.S.
ConocoPhillips, which has a license from the U.S. Treasury Department to negotiate debt recovery with PdVSA, declined to discuss any deal with PdVSA.FTX says it has located more than $5 billion in cash, liquid assets.
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